Question 1:

Question 2:

(Corporate income tax) G. R. Edwin inc. had sales of $5 s1 milion during the past year. The cost of gocods sold amounted to $2.7 millon. Operating expenses totaled $2.43 million, and interest expense was $29,000. Use the corporate tax rates shown in the popup window. to determine the firm's tax lablity What are the firm's average and marginal tax rates? The firmis tax liability for the year is 5 (Round to the nearest dolar The firm's average tax role is The ferris mavinal tax rate is Data table K. (Rround to two decimal places) 15. (Round to the nearest integer) A. 4.5% B. 5.6% C. 29.7% D. 2.2% Use Shark Industries' financial statements shown below to answer the following questions. Shark Enterprises, Inc. Income Statement Sales Cost of goods sold Gross profit Operating expenses Depreciation EBIT Interest expense EBT Taxes Net Income $44,900 (22,000) $12,900 (10,000) (400) $2,500 (500) $2,000 (1.000) $1.000